Nigeria’s real GDP grows by 3.54% in Q2, 2022

Data released by the National Bureau of Statistics (NBS) Friday has disclosed that the Nigeria’s gross domestic product (GDP) grew by 3.54 per cent year-on-year in real terms in the second quarter of 2022. This is an improvement compared to the 3.11 per cent growth recorded in the previous quarter.

According to the recent GDP report in a year-on-year basis, the Q2 2022 growth rate decreased by 1.47 per cent points from 5.01 per cent growth rate recorded in Q2 2021.

The NBS data also show that the oil sector dipped by 11.77 per cent year-on-year in Q2 2022, compared to a contraction of 26.04 per cent recorded in Q1 2022.

The non-oil sector grew by 4.77 per cent in real terms during the reference period (Q2 2022). This rate was lower by 1.97 per cent points compared to the rate recorded same quarter of 2021 and 1.31 per cent points lower than the first quarter of 2022.

The non-oil sector was driven in the second quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions); Transportation (Road Transport); Agriculture (Crop Production) and Manufacturing (Food, Beverage & Tobacco), accounting for positive GDP growth.

In real terms, the non-oil sector contributed 93.67 per cent to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58 per cent and higher than the first quarter of 2022 recorded as 93.37 per cent.